Texas House committee passes Bitcoin reserve bill for full floor vote

A Bitcoin reserve bill passed by the Texas Senate has made progress in the House, advancing out of committee to head to the floor.

A Texas House Committee has passed a Republican-backed bill to create a Bitcoin reserve, which now only needs a successful full floor vote before heading to the governor’s desk.

The Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21 with no amendments on May 7 in a 9-4 vote along party lines. The bill has already passed the Texas Senate, in a 25-5 vote on March 6.

SB 21 would establish the “Texas Strategic Bitcoin Reserve,” controlled by the state’s comptroller — currently Glenn Hegar — who would be permitted to invest in digital assets that have obtained a market cap of at least $500 billion over the last twelve months, which would currently only include Bitcoin (BTC).

Read more